FINANCIAL LITERACY AND ECONOMIC GROWTH: A CASE STUDY OF MALI AND ITS IMPLICATIONS FOR AFRICA

This study investigates the relationship between financial literacy and economic growth, with Mali as a case study, shedding light on the broader African context. Against the backdrop of economic and political instability in many African nations, exacerbated by the COVID-19 pandemic, financial insecurity has become increasingly prevalent. Nearly 35% of Africans live on less than US$1.90 per day, making financial literacy a critical issue. The research addresses the pressing need to understand the role of financial literacy in Africa's economic development. Financial literacy has been linked to retirement planning, wealth accumulation, and responsible financial decision-making. However, Africa lags in financial education despite expanding financial services and growing cryptocurrency adoption. Key questions explored include Africa's global financial literacy ranking, the correlation between financial literacy and economic growth in Mali, the relationship between financial literacy and macroeconomic factors, challenges hindering financial literacy improvement, strategies for promoting financial literacy, and methods for measuring financial literacy. By employing a mixed-methods approach, this study utilizes primary and secondary data sources, collaborating with official institutions and conducting surveys and interviews. Econometric tools and causal analysis methods will assess the relationship between financial literacy and economic growth. The research's significance lies in its potential to inform policies and strategies for enhancing financial literacy, reducing financial insecurity, and improving the well-being of African populations and those in the developing economic world. This study contributes to the broader discourse on financial literacy in Africa and provides valuable insights applicable to the continent's diverse economic landscapes.